Boeing's First-Quarter Profit
Soared, but Stock Slumps 6.5%

Threefold Increase in Earnings
Falls Short of Analysts' Forecasts

Boeing Co. reported a threefold increase in first-quarter profit, but the results were 13% below analysts' expectations, sending the aircraft maker's shares down 6.5%, or $6.625 a share.

Despite booming commercial-jet orders, Boeing Chairman Phil Condit said, earnings were depressed by increased expenses for development of new transports, space-launch systems and merger activity, as well as productivity declines in the company's...